IL&FS new board submits progress report to NCLT

Mumbai: The new board of IL&FS Group on Wednesday submitted the progress report to the National Company Law Tribunal, Mumbai (NCLT).

According to the company, a "Report on Progress and Way Forward" has been submitted with the Ministry of Corporate Affairs, which filed the same with the NCLT.

"The report provides an overview of the magnitude and complexity of the issues involved, key developments since October 1, 2018 relating to IL&FS Group, some initial insights of the new board on the state of affairs, the indicative next steps and the possible timelines," the company said in a statement.

"While it has been under one month since the new board has taken charge and it is still working towards unravelling the complexities pursuant to multiple layers of entities (totalling 347 in all)...."

As per the statement, the new board's current assessment is that the resolution options could broadly involve significant capital infusion, divestments, and debt restructurings at Group level or business vertical or on an asset level.

The NCLT, Mumbai through its orders dated October 1, 2018, appointed the Board of Directors.